US Pres. Trump approves disaster declaration for California over coronavirus

The Los Angeles Times came out with the news suggesting US President’s approval to declare the major disaster in California. The news mentioned, President Trump approved a request Sunday from Gov. Gavin Newsom to declare a major disaster in California to help the state respond to the COVID-19 pandemic with “mass care,” emergency aid, unemployment assistance and disaster legal services, among others.

Key quotes

Newsom noted in the letter that he has issued 10 executive orders in the last week to facilitate a quick response to the outbreak.

The president said the Federal Emergency Management Agency would be shipping mobile hospital units to the state within the next 48 hours. California is in line to get eight of them for a total of 2,000 beds. New York and Washington states will get 1,000 beds each, he said.

Market implications

With the rapid-fire of the coronavirus bad news, coupled with the policymakers’ reaction, the trade sentiment remains heavy amid the US Senate’s failure to pass the much-awaited stimulus. That said, the US stock futures earlier dropped to the “limit down” levels, currently near 4.0% down, while the 10-year treasury yields drop 12 basis points to 0.815% by the press time.